Wärtsilä Donates Engine to Texas A&M University
Wärtsilä has donated an 8-cylinder Wärtsilä 20 engine and generating set, to the Marine Engineering Technology Department at Texas A&M University at Galveston. The donation represents a continuation of Wärtsilä's ongoing industry support programme aimed at helping future maritime sector leaders to acquire detailed understanding of marine technologies. The donation includes specialty tools and will provide students with valuable hands-on experience for expanding their knowledge of engine repairs…
BIMCO: BDI Conducts the Demolition Activity
The Baltic Dry Index (BDI) ’s positive effect on capacity being removed from the fleet did not continue into Q2 2016, as capesize demolition came to a halt. The BDI went from “devastating” in February to “poor” in April with the highest total demolished DWT ever experienced in the dry bulk market. Unfortunately, BIMCO’s earlier claim was realised when demolition activity slowed down as the BDI improved.
IACS Recommendations for Emergency Response
Following a further round of discussions on 'Places of Refuge' at the IMO last week, prompted by a submission from the EU Member States, the European Commission, shipowners and the maritime insurance industry, IACS today published recommendations addressing the minimum support services for vessels in need of operational technical support, including vessels in need of a Port of Refuge. These recommendations will be of value to all shipowners…
Höegh LNG Turns to Profit in 1Q
Höegh LNG returned to profit following a Profit after tax of USD 6.3 million for the first quarter of 2016, up from USD 4.0 million net loss in the fourth quarter 2015. The company’s EBITDA reached $26.6 million for the first quarter of 2016, up from $24.6 million in the previous quarter according to Höegh LNG’s report issued today reveals. The dividend of USD 0.10 per share was declared for the second quarter of 2016. The President and CEO of Höegh LNG Holdings Ltd., Sveinung J.
P&I Club warns on Enclosed Space Entry & Testing
The London P&I Club says it continues to see cases of injuries and fatalities associated with entry into enclosed onboard spaces, including cargo holds on bulk carriers where atmospheres have not been treated as potentially dangerous. In a recent case, two shore staff were permitted by the ship’s crew to enter the cargo hold of a bulk carrier via the usual means of access. But, due to an atmosphere which did not have sufficient oxygen to support life…
OOCL Renews VOD Training Contract
Videotel, producer and distributor of training videos, 3D animation, and e-Learning courses to the maritime market and part of KVH Industries, Inc., (Nasdaq: KVHI), has renewed its contract with Orient Overseas Container Line (OOCL) to supply the full Videotel On Demand (VOD) and software solutions service. VOD delivers high-quality, award-winning training materials, available as an onboard and online e-Learning library…
Fitch Warning on NordLB Shipping Reduction Plan
Norddeutsche Landesbank Girozentrale's (NORD/LB) strategy to reduce its shipping exposures by EUR4bn-6bn over the next three years makes sense, but will likely encounter high execution risks, says Fitch Ratings. Planned disposals, representing up to one-third of the bank's total shipping exposures, are large, but the shipping markets are not yet showing signs of sustainable recovery and there is a risk that disposal markets could become overcrowded.
VOS Sugar First Charter
The newest addition to Vroon’s fleet, subsea-support vessel (SSV) VOS Sugar, recently started work in the BARD Offshore 1 Offshore Wind Farm (OWF). The vessel is supporting dive operations and maintenance work on wind-turbine foundations for clients NDE Offshore. NDE Offshore, a Sweden-based provider of subsea services, will conduct a combined topside and subsea campaign for the first time. The campaign comprises of underwater inspections…
Hanjin Vessel Seized in South Africa
Hanjin Shipping-operated bulker Hanjin Paradip has been arrested by a South Africa for alleged unpaid charter fees. The 82,158 dwt bulker, which has been used to transport grain and minerals, was detained in Richards Bay on May 24 due to the unpaid charter fees to an unspecified owner. The owner asked a South African court to impound the ship. The company's severe liquidity shortage has prevented it from paying the charter for months.
Siem Renews Contract for Seven Reefers
Norwegian liner Siem Shipping Inc. has won a one-year contract renewal for a regular weekly service from Ecuador to St. Petersburg, Russia. The contract extension for the service covers seven reefer vessels. The service, which employs seven vessel, is largely for banana trades and has been renewed for an additional year. The company did not, however, disclose any further details on the value of the contracts or expected start date.
China COSCO Moving to Offshore Winds
China COSCO Shipping, which uses bulk carriers and container vessels to transport goods, has seen its cargo business decline amid China's slowdown and has decided to get into the offshore wind power generation business, reports Nikkei. Recently, the Belgian dredging, environmental and marine engineering group DEME DEME and China COSCO have formed a joint venture to develop offshore wind energy in China.
World’s Biggest LNG Buyer Becomes Seller
EDF Trading, a wholly-owned subsidiary of French power giant EDF, has signed an LNG sales and purchase agreement with Japanese LNG aggregator Jera Co Inc, one of the world’s largest buyers of liquefied natural gas. Jera, a joint venture between Tokyo Electric Power Co. and Chubu Electric Power Co., will sell as much as 1.5 million metric tons of LNG between June 2018 and December 2020. According to Bloomberg…
Zim Sinks to Red
Israeli ocean carrier ZIM Integrated Shipping Services Ltd. (ZIM) has sunk to the red in the first quarter of 2016 after staying in the black for almost a year. ZIM swung to a $56 million net loss in the first quarter from a $12 million profit in the previous year and revenue was down by a fifth as slumping freight rates negated a market-beating increase in container volume. The adjusted EBIT margin was negative 2.6% for the three months ended March 31, 2016.
Bay Shipbuilding Delivers ATB to Moran
Fincantieri Marine Group’s Fincantieri Bay Shipbuilding (FBS) has delivered the Articulated Tug Barge unit (ATB) Barbara Carol Ann Moran and the 110,000-barrel barge Louisiana to Moran Towing Corporation. The 5,300-HP, 121-foot vessel is certified ABS Class +A-1 Towing Service, +AMS, and is equipped with state-of-the-art navigation and communications technology. The ATB unit was delivered on the exact…
Conrad Shipyard Christens Woods Hole Ferry
M/V Woods Hole, a 235-foot long passenger ferry built for the Steamship Authority of Woods Hole, Mass., was christened on May 20 at Conrad Aluminum in Amelia, La. The ferry, with a beam of 64-feet, a draft of 10.5-feet and a hull depth of 18-feet, has the capacity to carry 384 passengers, 55 automobiles or 10 x 18-wheel tractor-trailers. The Woods Hole will run its 45-minute route to and from Martha’s Vineyard and the community of Woods Hole.
Ferry Crew-member Missing off Pembroke Coast
HM Coastguard is coordinating the search for a missing crew-member from a ferry, who it is believed may have gone overboard off the Pembroke coast. The Coastguard…
TAMRF Extends Research Vessel Charter
Overseas Drilling Ltd., a 100 percent owned subsidiary of Siem Offshore Inc., and Texas A&M Research Foundation (TAMRF) have agreed to extend the charter of the scientific research drilling vessel JOIDES Resolution. Under the agreement, TAMRF’s charter of the research vessel now runs through until September 30, 2019. TAMRF also has options to extend the charter until September 30, 2023 on an annual basis.
Tideland Signal Acquires Julius Signal
Tideland Signal Corporation, now part of Xylem, has entered into a definitive agreement to acquire certain assets of Julius Signal, extending the company’s portfolio…
North P&I Club Repots Positive Financial Performance
North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio…
BWTS Refit for Netherlands Naval Vessels
The Defense Material Organization has awarded three contracts to Goltens Worldwide’s Green Technologies business unit for the engineering and turnkey installation of sixteen Optimarin Ballast Systems (OBS) on 10 Naval vessels. An official signing ceremony was held May 25 at the Defense Material Organization in The Hague whereby Captain RNLN J. F. Kwak, Head Projects Procurement Division, officially signed the contract on behalf of the Ministry of Defense. M. C.